Washington Jury Instruction - Evading Currency Transaction Reporting Requirement While Violating Another Law By Structuring Transaction
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FAQ
Detecting and Preventing Structuring and Smurfing It's essential that compliance teams are trained in spotting red flag indicators. Structuring and smurfing red flags may include: An individual making multiple deposits over a series of days ? with the deposits being just under $10,000 threshold (or equivalent).
Penalties. Cash structuring carries significant consequences. It is a federal felony crime. A person convicted of cash structuring would face substantial fines and up to five years in prison.
Hear this out loud PauseCash structuring can lead to additional felony charges. The government may also tack on tax evasion charges in addition to cash structuring. A person convicted of tax evasion for structuring cash transactions to avoid federal reporting requirements can face anywhere from three to five years in prison.
Let's say that someone has $90,000 in cash. If they want to avoid reporting requirements, they can split this into 10 transactions of $9,000. This is an example of structuring.
Definition. Structuring is the act of parceling what would otherwise be a large financial transaction into a series of smaller transactions to avoid scrutiny by regulators and law enforcement.
Hear this out loud PauseTo prove cash structuring, the prosecution must show that the defendant intentionally structured their transactions to evade bank reporting requirements. This typically involves demonstrating a consistent pattern of deposits, withdrawals, or transfers that fall just below the reporting threshold.
Examples of structuring may include: A bank customer depositing several transactions under $10,000 each over a period of several days. A gambling customer cashing in their winnings across two portions that together would breach the $10,000 threshold.
Hear this out loud PauseIllegally "structuring" a transaction means setting up (structuring) a large cash transaction so that it doesn't trigger the reporting requirements. The most common method for doing this is called ?smurfing,? breaking up a large cash deposit into a series of smaller deposits to avoid bank detection.